Diamond ring bought for $17 in a garage sale sells for $1.1million

By Abigail Malbon| 3 years ago

A man who bought a ring for $17 in the 1980s is cashing in now, after it sold for $1.1million at auction.
The UK man bought the ‘tenner’ ring - so-called because he paid £10 for it - during a Sunday sale in West London 30 years ago. He bought it as costume jewellery, and wore it daily, before being told by a jeweller of its enormous value. The 26.27 carat diamond is thought to have been cut in the 19th Century when diamonds weren’t cut to show of their brilliance as they are today, resulting in a slightly duller appearance.

Source: AAP/Sotheby's
How it arrived in the sale is unknown.
It was recently confirmed by the Gemological Institute of America (GIA) as a genuine diamond.
The auction was held by Sotheby’s, one of the world's largest brokers of fine jewellery. Bidding reportedly got “heated”, despite the fact that the cushion-shaped jewel was only expected to fetch up to £350,000 ($600,000aud). The successful final bid of £656,750 was made by an international buyer.

Jessica Wyndham, who heads Sotheby's jewellery department in London, said: "The owner would wear it out shopping, wear it day-to-day. It's a good-looking ring.
"But it was bought as a costume jewel. No one had any idea it had any intrinsic value at all. They enjoyed it all this time.
"The majority of us can't even begin to dream of owning a diamond that large."
A Cartier diamond brooch worn by Margaret Thatcher on a number of high-profile public occasions, including the day she offered her resignation as Prime Minister to the Queen also sold on the day.